Yuki asia Umbrella fund Yuki Japan rebounding Growth fund USd Hedged Unit Class 2018 lIPPEr fUNd award, Uk EqUITY JaPaN bEST fUNd OvEr 3 YEarS EqUITY JaPaN bEST fUNd OvEr 5 YEarS 30 SEPTEmbEr 2020 | PaGE 1 Of 2 FUNd ProFILE objeCtive long-term capital appreciation through investment in equities of Japanese companies that are achieving EPS growth through the skillful execution of unique business models that are well FUNd FACTS suited to the economic environment and growth opportunities Market Coverage Japanese Equities approaCh Intensive bottom-up research (company visits, interviews and fundamental analysis) with utilization of proprietary database of over 3,800 companies Currency U.S. dollar, Japanese Yen, or Euro Inception date 19 august 2015 USd Hedged Unit Class suitability Institutional investors with a long term view 30 March 2011 Yen Unit Class 01 May 2018 EUr Hedged Unit Class ISIN Code IE00bvrZ9185 USd Hedged Unit Class IE00b3vGSP84 Yen Unit Class FUNd mANAgEr’S CommENT | ov ErvIEw IE00bdrTdf67 EUr Hedged Unit Class Our outlook as of September 30 for corporate performance for the fiscal year ending March 2021 for bloomberg Code YUkIUSd:Id USd Hedged Unit Class the 1,591 TOPIX companies that actually announced their forecasts for the year is as follows: YUkIJPY:Id Yen Unit Class ordinary income down 28.3% from the previous year, net income down 32.3% from the previous YUkIEUr:Id EUr Hedged Unit Class year, and gross dividends down 19.8% from the previous year. The Japanese stock market rose slightly in September. although stock markets in the U.S. and other countries fell as a precaution to Total Net asset ¥6,657 Million - $10 Million USd Hedged Unit Class over pricing and concerns of an increased second wave in the coronavirus spread in , the - ¥5,063 Million Yen Unit Class domestic market ended firmly with expectations of a rebirth in economic strategy with the ldP - €4.14 Million EUr Hedged Unit Class party’s election and appointment of the Suga administration and as economic indicators remained firm as the recovery continued from april-May’s bottoming out. Unit Nav $1,285.18 USd Hedged Unit Class ¥31,261 Yen Unit Class future concerns include the U.S. suspension of exports of semiconductor products to , the €771.41 EUr Hedged Unit Class course of the US presidential election, and the impact of the second wave of infection in Europe. at legal Classification UCITS regulated by present, there has been no major change in corporate performance, but we think it important to Central bank of Ireland continue to conduct due diligence on individual companies and select those that can expect EPS growth in the medium- to long-term. listed Irish Stock Exchange reporting Year End July Subscription / daily redemption Investment Themes Minimum Investment $10,000 USd Hedged Unit Class with this in mind we are building our portfolio around the ¥1,000,000 Yen Unit Class following themes: €10,000 EUr Hedged Unit Class 1. Companies that have established highly profitable business models that will enable them to achieve a high Nav Calculations daily level of earnings growth over the medium to long term; Manager Carne Global fund Managers (Ireland) ltd 2. Companies with sustainable earnings growth over the medium to long term in the hardware and software dublin fields that contribute to the actualization of IoT and 5G, which are part of the fourth industrial revolution; Trustee bNY Mellon Trust Company (Ireland) ltd 3. Companies that contribute to customer productivity improvement by providing services using IoT and 5G; dublin 4. Companies that are supportive of lifestyle changes brought on by the Coronavirus; Investment Manager Yuki Management & research Co. ltd 5. Japanese bellwether companies with EPS growth and low stock price volatility. fund Manager Magotaka Oshitani administrator bNY Mellon fund Services (Ireland) daC PErFormANCE ChArT dublin usd hedged unit Class auditor PricewaterhouseCoopers 1,700 dublin 1,600 USd Unit 1,500 TOPIX International Yuki-Co, llC 1,400 Placing agent 1,300 1,200 1,100 1,000 900 CoNTACTS 800 for fund prospectus & application form: 12/15 06/16 12/16 06/17 12/17 06/18 12/18 06/19 12/19 06/20 transfer agent bNY Mellon fund Services (Ireland) daC

YEN UNIT CLASS Tel: +353 1 900 4590 45,000 e-mail: [email protected] 40,000 YEN Unit 35,000 TOPIX for further fund information: 30,000 international placing agent Jeff Collett 25,000 Yuki-Co llC 20,000 2173 walker lane 15,000 Holladay, UT 84117 USa 10,000 5,000 Tel: +1 (801) 554-5191 e-mail: [email protected] 2012 2013 2014 2015 2016 2017 2018 2019 2020 www.yukifunds.com Yuki asia Umbrella fund Yuki Japan rebounding Growth fund USd Hedged Unit Class 2018 lIPPEr fUNd award, Uk EqUITY JaPaN bEST fUNd OvEr 3 YEarS EqUITY JaPaN bEST fUNd OvEr 5 YEarS 30 SEPTEmbEr 2020 | PaGE 2 Of 2 FUNd mANAgEr’S CommENT | rEvIEw Through company visits and interviews, the fund manager added new positions, confirmed existing FEES positions, and increased the weightings of some positions. One company of note is SG Holdings (9143), the second largest courier service in Japan. Profitability continues to improve as a result of Manager 0.015% focusing on consistently profitable customers. Since the company’s customer-facing business is built on assumptions it can make on annual transaction volume, it can turn that into data, administrator 0.085% - 0.025% successfully control costs across its full nationwide distribution network and increase margins. In Trustee 0.02% addition, thanks to added value up-sell proposals offered by the salesforce to customers, the Investment Manager & 1.50% company is achieving higher average sales per customer every year and continues to see revenue Placing agent and transaction volume growth. The company is also successfully addressing the e-commerce needs for individuals in this coronavirus era, and as its sales and home deliveries increase its profit Hedge Cost 0.07% margins are improving due to its ability to reduce the number of redeliveries. The company has taken a pro-shareholder stance, with a dividend payout policy in with stable EPS growth that Please see prospectus for details supports the share price. for these reasons we continue to hold the position. [minimum charge may apply]

PErFormANCE dATA ToP hoLdINgS usd hedged unit Class 1 Co ltd (9697) 4.5% YTd 1M 3M 6M 1Y 3Y 5Y Inception 2 M3 Inc (2413) 4.0% fUNd 6.0% 7.2% 12.8% 37.1% 11.3% -4.9% 45.0% 28.5% 3 Co ltd (7974) 3.6% TOPIX [excl. dividends] -5.6% 1.3% 4.3% 15.9% 2.4% -2.9% 15.2% -1.4% 4 fujitsu General ltd (6755) 3.3% *Note: TOPIX figures are stated in USd terms for this table. 5 NEC Corp (6701) 3.2% yen unit Class 6 Terumo Corp (4543) 3.0% YTd 1M 3M 6M 1Y 3Y 5Y Inception 7 kobe bussan Co (3038) 2.9% fUNd 5.4% 7.2% 12.7% 36.7% 10.0% -10.0% 41.5% 212.6% TOPIX [excl. dividends] -5.6% 1.3% 4.3% 15.9% 2.4% -2.9% 15.2% 87.7% 8 Tokyo Electron ltd (8035) 2.9% 9 daikin Industries (6367) 2.8% SECTor brEAkdowN 10 Holdings Co (3635) 2.8%

INfO & COMMUNICaTION 23.2% total 33.1%

ElECTrIC aPPlIaNCES 22.1%

SErvICES 14.1%

rETaIl TradE 9.8%

PrECISION INSTrUMENTS 7.3%

FUNd mANAgEr’S CommENT | Future Strategy The TOPIX ended slightly higher in September. Capital has flowed to companies with business models that have thrived during the pandemic, as well as companies in the IT and digitization areas favored by the new Suga administration. On the other hand, stocks that had risen since the end of last month despite no earnings, especially financial and commodity stocks, fell. Though companies with good business models that continue to achieve EPS growth even during the virus woes are highly valued by investors and trade at high PErs, their volatility is lower than that of the overall market, and we expect that the market will continue to value growth companies and companies with increasing profits. Our investment policy is to focus on fundamentals, building a portfolio focused on companies undergoing a high rate of change with a superior market advantage. we will adjust our position weightings based on target prices using our 3-year earnings estimates, and thoroughly analyze and evaluate company earnings to focus our investments on companies that we expect will improve profits over the mid- to long-term and have high EPS growth momentum based on unit sales growth.

disClaimer: This material is intended to report solely on the investment strategies and opportunities identified by Yuki. additional information is available upon request. Information herein is believed to be reliable but Yuki does not warrant its completeness or accuracy. Opinions and estimates constitute Yuki’s judgement and are subject to change without notice. Past performance is not indicative of future results. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Yuki and/or its affiliates and employees may hold a position or act as advisor to such issuer. The investments and strategies discussed herein may not be suitable for all investors; if you have any doubts you should consult your own advisor or broker. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. You should consult your tax or legal adviser about the issues discussed herein. The investments discussed may fluctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments.